Current affairs 2015

www.BankExamsToday.com www.BankExamsToday.com www.BankExamsToday.com Current Affairs 2015 By Ramandeep Singh Ramandeep Singh 10/27/2015 www.BankExamsToday.com Current Affairs 2015 Index Politics Sports Business and Economy Awards and Books Appointments Science and Technology Deaths Cheques - Types and Crossing of Cheques Contactless Cards in India - Tab and Go List of Reports published by International Organizations State Bank Of India - Key Facts and Latest Schemes Asian Infrastructure Investment Bank (AIIB) – Facts GDP, GNP and National Income – Explained Narasimham Committee on Financial System Noble Prize Winners 2015 Goods and Services Tax (GST) - India's Biggest Tax Reform RBI slashes Key Policy Rates Key Economic Indicators in Indian Economy Wildlife Sanctuaries in India list Digital India Program - All you need to know Currency war : Currency Devaluation and its Impact Mitra Shakti Military Exercise – 2015 Joint Military Exercises of India 2015 2-11 12-14 14-18 18-20 20-22 22 23 23-25 25 25-26 26-27 27-28 28-30 30-31 31-32 32-35 35-36 36-38 38-42 42-43 43 43-44 44-45 www.BankExamsToday.com By Ramandeep Singh Page www.BankExamsToday.com Current Affairs 2015 Politics International Affairs Japan-US-India trilateral meeting held in New York Japan-US-India trilateral meeting held in New York, USA on 30th September 2015 and have decided to coordinate policies of China www.BankExamsToday.com Leader Summit on Peacekeeping held in New York Leader Summit on Peacekeeping held in New York on 28th September 2015 on the margins of annual high level debate of UNGA PM of India and USA also attended the Summit Palestine became 1st non-member country of United Nations who raised its flag Palestine became 1st non-member country of United Nations who raised its flag on 30th September 2015 at UN Headquarter New York as hosted by President of Palestine Mahmoud Abbas 25 years of reunification of Germany conducted on 03rd October 2015 25 years of reunification of Germany conducted on 03rd October 2015 Earlier in the year 1990, East Germany and West Germany reunited Chancellor of Germany is Angela Mekel and President of Joachim Gauck Capital and Currency of Germany is Berlin and Euro respectively ISIS blows up Palmyra’s Arc of Triumph ISIS blows up Palmyra’s Arc of Triumph on 05th October 2015 It was UNESCO World Heritage site Oasis town of Palmyra is also known as ‘Pearl of the Desert’ Pedro Passos Coelho became the Prime Minister of Portugal Governing Centre Right Coalition Parties won the general elections of Portugal and Pedro Passos Coelho became the Prime Minister while President of Portugal is Anibal Cavaco Silva Capital and Currency of Portugal is Lisbon and Euro respectively Malaysia ordered shut down of schools for two days Due to choking smog, Malaysia ordered shut down of schools in the country on 04th October 2015 for two days Education Minister of Malaysia is Mahdzir Khalid In Malaysia, smog was caused due to smoke on Sumatra Island Prime Minister of Malaysia is Najib Razak Capital and Currency of Malaysia is Kuala Lumpur and Ringgit respectively Heavy fortified ‘Green Zone’ of Baghdad opened for public for 1st time in 12 years Heavy fortified ‘Green Zone’ of Baghdad opened for public for 1st time in 12 years on 04th October 2015 The Green Zone lies on West bank of Tigris River, Karkh, Baghdad The zone also known as ‘International Zone of Baghdad Prime Minister of Iraq is Haider al-Abadi while President is Fuad Masum Capital and Currency of Iraq is Baghdad and Dinar respectively California signed ‘Right to Die Bill for Terminally Ill People’ On 05th October 2015 California signed ‘Right to Die Bill for Terminally Ill People’ into the law after the doctor’s supervision California became 5th State in the country after Oregon, Washington, Vermont and Montana who signed the law BRICS countries signed the joint declaration BRICS countries (Brazil, Russia, India, China, South Africa) have issued a joint declaration to ensure to legal migration amongst the countries 7th BRICS Summit 2015 held in Ufa, Bashkortostan, Russia 8th BRICS Summit 2016 will be held in New Delhi, India 9th BRICS Summit 2017 will be held in China By Ramandeep Singh Page www.BankExamsToday.com Current Affairs 2015 5th Indo-China Joint Military Exercise namely ‘Hand-in-Hand 2015’ started in China 5th Indo-China Joint Military Exercise namely ‘Hand-in-Hand 2015’ started at Kunming Military Academy of Yunnan, China will be held between 12th to 23rd October 2015 V20 Group (Finance Ministers of 20 countries) launched To fight with climate change, V20 Group (Finance Ministers of 20 countries) launched on 08th October 2015 at Lima, Peru during the annual meeting of International Monetary Fund and World Bank held at Lima, Peru V20 Climate Risk Pooling Mechanism launched on the event India will not be the part of V20 Group www.BankExamsToday.com ‘ASCmei.T’ mobile app launched by University of Southampton, Britain ‘ASCmel.T’ mobile app launched by University of Southampton, Britain on 02 nd October 2015 with the aim to aware the people with autism K.P Sharma Oli became Prime Minister of Nepal K.P Sharma Oli became Prime Minister of Nepal on 09th October 2015 He led Communist Party of Nepal-Unified Marxist-Leninist (CPN-UML) Jioji Konrote became President of Fiji Jioji Konrote became President of Fiji on 11th October 2015 He also known as ‘George Konrote’ Prime Minister of Fiji is Frank Bainimarama Capital and Currency of Fiji is Suva and Dollar respectively European Union launched 2nd phase of Operation Sophia (Naval operation) Mediterranean Sea European Union launched 2nd phase of Operation Sophia (Naval operation) in Mediterranean Sea on 07th October 2015 to fight human traffickers as launched by EUNAVFOR MED India-China joint military training exercise namely ‘Hand-in-Hand’ started India-China joint military training exercise namely ‘Hand-in-Hand’ started on 12th October 2015 at Kunming, China China operationalized the Zam Hydropower Station on Bhrampatura River in Tibet China operationalized the Zam Hydropower Station on Bhrampatura River in Tibet on 12th October 2015 The dam is considered as World’s highest altitude hydropower station It will produce 2.5 bn kw hours of electricity Alexander Lukashenko became President of Belarus for 5th time Alexander Lukashenko became President of Belarus for 5th time on 11th October 2015 while Prime Minister of Belarus is Andrei Kobyakov Capital and Currency of Belarus is Minsk and Ruble respectively ‘Select USA’ the roadshow started by USA On 13th October 2015, the roadshow started by USA ‘Select USA’ held in Delhi, Mumbai, Chennai and Kolkata with the aim to offer the companies invested in USA The campaign started by US Department of Commerce It was earlier initiated in 2011 It is important to noting that Thummalapally is 4th fastest source of investment in USA China overtaken USA in terms of population of middle class According to report on global wealth by Credit Suisse, China overtaken USA in terms of population of middle class and became World’s largest country Malabar Naval Exercise started between India, USA and Japan Malabar Naval Exercise started between India, USA and Japan on 13th October 2015 in Bay of Bengal and Indian Ocean By Ramandeep Singh Page www.BankExamsToday.com Current Affairs 2015 Pranab Mukherjee became 1st President of India to address Parliament of Israel ‘Knesset’ Pranab Mukherjee became 1st President of India to address Parliament of Israel ‘Knesset’ on 13th October 2015 also the 1st visited Israel President and Prime Minister of Israel is Reuven Rivlin and Benjamin Netanyahu respectively Capital and Currency of Israel is Jerusalem and Shekel respectively Portugal became 1st European country to sign up MoU on establishment of Nalanda University Portugal became 1st European country to sign up MoU on establishment of Nalanda University on 09th October 2015 The University was established in 427 AD during the reign of Gupta King ‘Sakraditya’ www.BankExamsToday.com Pakistan signed an agreement with Russia for 1100 km gas pipeline project Pakistan signed an agreement with Russia for 1100 km gas pipeline project on 15th October 2015 lies from Lahore to Karachi The project will complete by December 2017 Earlier, both the countries signed the defence deal also Onsari Gharti Magar became 1st female House Speaker of Nepal Onsari Gharti Magar appointed as House Speaker of Nepal on 16th October 2015 She became 1st female Speaker in Nepal Indonesia signed an agreement with China to build high speed railway network Indonesia signed an agreement with China to build high speed railway network in Indonesia as announced on 16th October 2015 Malaysia proposed to invest $30bn in India Malaysia proposed to invest $30bn in India as announced on 15th October 2015 as announced by Construction Industry Development Board, Malaysia Malaysia will invest mainly in urban development and housing projects and in smart cities projects also ‘Koppu’ (Lando) hit Northern Philippines Typhoon namely ‘Koppu’ (also known as Lando) hit Northern Philippines on 18th October 2015 Parents of St Therese canonized by the Pope Francis Parents of St Therese of France canonized by the Pope Francis on 18th October 2015 became 1st couple for their service to Church St Therese is popularly known as ‘Little Flower’ in the World Egypt, Japan, Senegal, Ukraine and Uruguay became non-permanent members of United Nations Security Council Egypt, Japan, Senegal, Ukraine and Uruguay became non-permanent members of United Nations Security Council on 15th October 2015 for two years begin on 01st January 2016 Justin Trudeau of Liberal Party became 2nd youngest Prime Minister of Canada Justin Trudeau (43 years) of Liberal Party became 2nd youngest Prime Minister of Canada on 19th October 2015 The 1st youngest was Joe Clark (40 years) of Conservative Party Record 19 Indiaorigin candidates have won the election in which 16 are related with Punjab United Nations completed 70 years of its establishment United Nations completed 70 years of its establishment on 24th October 2015 Earlier, on 24.10.1945, United Nations established Hurricane Patricia struck Mexico Hurricane Patricia, the powerful storm, struck the Pacific Coast of Mexico on 23rd October 2015 having speed of 190mph Ashok-Alexander Sridharan sworn-in as Mayor of Bonn, Germany By Ramandeep Singh Page www.BankExamsToday.com Current Affairs 2015 Ashok-Alexander Sridharan, an Indian origian became Mayor of Bonn, Germany on as sworn-in on 21st October 2015 Bonn is 18th most populated city in Germany USA designated Brett McGurk as Special Presidential Envoy to US-led coalition fighting ISIS USA designated Brett McGurk as Special Presidential Envoy to US-led coalition fighting ISIS as announced on 23rd October 2015 www.BankExamsToday.com Vice-President of Maldives Ahmed Adeeb arrested Vice-President of Maldives Ahmed Adeeb arrested on 24th October 2015 on suspicion of links to a blst on President’s boat occurred on 28th September 2015 earlier President of Maldives is Abdulla Yameen National Affairs Indian Government cleared the 1st batch of projects under AMRUT Indian Government cleared the 1st batch of projects under Atal Mission for Rejuvenation and Urban Transformation (AMRUT) for 89 cities from States as announced by Urban Development Ministry worth Rs.2786 Crore Maharashtra and Gujarat Naval areas divided Maharashtra and Gujarat Naval areas divided by Indian Government into two separate headquarters as announced on 21st October 2015 with the aim to seek better vigilance on the sea border with Pakistan Commemorative stamp on Dr.B.R Ambedkar released on his 125th birth anniversary The commemorative stamp on Dr.B.R Ambedkar released by the Government of India on 30th September 2015 on his 125th Birth anniversary He called as ‘Father of Indian Constitution’ and awarded with Bharat Ratna in the year 1990 PM Modi laid the foundation stone of ‘Amravati’ The foundation stone of new capital of Andhra Pradesh ‘Amravati’ laid by PM Modi on 22 nd October 2015 which is being modeled after ‘Singapore’ Amravati was the capital of Satavahanas, the great Andhra King ruled from 2nd BC to 3rd AD The ceremony performed at Village Uddandarayunipalem, Guntur 17th All India Government Whips Conference held in Visakhapatnam 17th All India Government Whips Conference held in Visakhapatnam on 29th and 30th September 2015 Brand Ambassadors Pranav Mistry, Satwat Jagwani, Krati Tiwari and Ankit Fadia appointed for Digital India Programme Brand Ambassadors Pranav Mistry, Satwat Jagwani, Krati Tiwari and Ankit Fadia appointed by India on 29th September 2015 for Digital India Programme with the aim to mass awareness By Ramandeep Singh Page www.BankExamsToday.com Current Affairs 2015 World’s highest Terrestrial Research Centre built by DRDO World’s highest Terrestrial Research Centre built by Defence Research Development Organization (DRDO) in Changla, Ladakh on 04th October 2015 located at 17,600 feet Director General of DRDO is J Manjula ‘Khadi Utsav’ organized by the State Government of Gujarat in Ahmedabad ‘Khadi Utsav’ organized by the State Government of Gujarat in Ahmedabad on 02 nd October 2015 on the eve of 146th birth anniversary of Mahatma Gandhi The State also announced 25% discount on Khadi products produced in the Gujarat and 15% on produced in any other State www.BankExamsToday.com 26th Coordinated Patrol (CORPAT) between India and Indonesia started 26th Coordinated Patrol (CORPAT) between India and Indonesia started on 03rd October 2015 at Andaman Sea It is important to noting that it is first ever bilateral exercise between the countries India will spend about Rs.70,000 Crore for the development of major parts of the country Government of India will spend about Rs.70,000 Crore for the development of major parts of the country under Sagarmala Project as announced by Union Minister for Road Transport, Highways and Shipping Nitin Jairam Gadkari in the meeting National Sagarmala Apex Committee National Green Tribunal ordered to levy environmental tax on trucks entering Delhi National Green Tribunal ordered to levy environmental tax on trucks entering Delhi under Delhi Pollution Control Committee (DPCC) new AIIMS will be established in India new AIIMS will be established in India as decided by govt of India on 06th October 2015 i.e Nagpur, Manglagiri (Andhra Pradesh) and Kalyani (West Bengal) costs about Rs.5000 Crore under Pradhan Mantri Swasthya Suraksha Yojana Pravasi Bharatiya Divas 2016 will be held in New Delhi Pravasi Bharatiya Divas 2016 will be held in New Delhi during the period 08th to 10th January 2016 Pravasi Bharatiya Divas 2015 organized in Gandhi Nagar, Gujarat National War Memorial will be established in Delhi National War Memorial will be established in Delhi as announced by the Government of India on 07th October 2015 It will be established at National War Museum at Princess Park, India Gate 1st Rajasthan Startup Policy 2015 launched 1st Rajasthan Startup Policy 2015 launched on 08th October 2015 with the aim to start the ecosystem in the State as launched by Chief Minister Vasundhara Raje India’s 1st Dolphin Community Reserve to come up in West Bengal India’s 1st Dolphin Community Reserve to come up in West Bengal with the aim to protect Mammal, Gangetic River Dolphins as announced by Chief of State Wildlife Board Azam Zaidi High-risk area boundary of maritime piracy shifted High-risk area boundary of maritime piracy shifted from India’s western coastline shifted from 78 degree East to 65 degree East longitude Jawaharlal Nehru Port Trust will be establish in Mumbai The foundation stone of India’s largest container port Jawaharlal Nehru Port Trust laid in Mumbai by PM Narendra Modi on 11th October 2015 costs about Rs.7900 Crore Tamil Nadu banned Ketoprofen drug to save vultures Tamil Nadu banned Ketoprofen drug to save vultures on 12th October 2015 in districts Erode, Coimbatore and Nilgiris It is a non-steroid anti-inflammatory drug By Ramandeep Singh Page www.BankExamsToday.com Current Affairs 2015 National Mission for Green India for states Kerala, Mizoram, Manipur and Jharkhand approved National Mission for Green India for states Kerala, Mizoram, Manipur and Jharkhand approved by Union Environment Ministry www.BankExamsToday.com Environment Compensation Charge on commercial vehicles imposed by Supreme Court of India Environment Compensation Charge on commercial vehicles imposed by Supreme Court of India on 12th October 2015 while entering in Delhi during the period 01st November 32015t o 29th February 2016 India approved Kaladan Multi Modal Transit Transport Project in Myanmar India approved Kaladan Multi Modal Transit Transport Project in Myanmar on 13th October 2015 for Revised Cost Estimate costs about Rs.2904.04 Crore with the aim to promote economic and commercial relations between the countries President of Myanmar is Thein Sein Capital and Currency of Myanmar is Naypyidaw and Kyat respectively DRDO’s Missile Complex renamed as APJ Abdul Kalam Missile Complex DRDO’s Missile Complex renamed as APJ Abdul Kalam Missile Complex on the eve of his 84 th birth anniversary situated in Hyderabad He had joined Missile Complex in 1982 He remained 11th President of India during 2002 to 2007 Supreme Court allowed the voluntary use of Aadhaar Card for four schemes Supreme Court allowed the voluntary use of Aadhaar Card for four schemes i.e Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGA), Pradhan Mantri Jan Dhan Yojana, scheme related to Pension and PF Arjun Vajpai and Bhupesh Kumar climbed an untouched mountain peak ‘Mount Kalam’ Indian Mountaineers Arjun Vajpai and Bhupesh Kumar climbed an untouched mountain peak namely ‘Mount Kalam’ named it after APJ Abdul Kalam on 21st October 2015 situated in Spiti Valley, Near Bara Shigri Glacier, Himachal Pradesh They became 1st people to climb 6180 meter peak Earlier in 2010, Arjun Vajpai became youngest Indian to climb Mount Everest (16 years) He scaled 17 peaks in India Indian Railways will get electricity from open market For the first time, Indian Railways will get electricity from open market as announced on 15th October 2015 North Central Railways became 1st to purchase electricity under an agreement with Adani Power Ltd ADL will supply 50 mw power at Rs.3.69 per unit for the next years Supreme Court of India declared National Judicial Appointments Commission (NJAC) unconstitutional Supreme Court of India declared National Judicial Appointments Commission (NJAC) as unconstitutional on 16th October 2015 as decided by five-Judge Constitutional Bench of SC Rajasthan notified 5% quota for Gujjars and other SBCs Rajasthan notified 5% quota for Gujjars and other SBCs as announced on 16th October 2015 under Rajasthan Special Backward Classes Reservation Act, 2015 The State also provide 14% reservation to economically backward classes Maharashtra became 2nd State to declare drought his State after Karnataka Maharashtra became 2nd State to declare drought his State on 17th October 2015 as 14708 village came under deficient by over 50% The 1st one State was Karnataka who declare the State drought hit in August 2015 By Ramandeep Singh Page www.BankExamsToday.com Current Affairs 2015 Uttar Pradesh announced Rs.50000 monthly pension to Yash Bharti awardees Uttar Pradesh announced Rs.50000 monthly pension to Yash Bharti awardees as announced on 20th October 2015 The award was established in 1994 given in literature, fine arts, folk and classical music and sports Journalist Vinod Mehta awarded with Yash Bharti Samman 2015 Karnataka and Gujarat lifted ban on Maggi Noodles Karnataka and Gujarat lifted ban on Maggi Noodles as announced on 19th October 2015 Maggi Noodles is Nestle India’s popular instant food brand www.BankExamsToday.com Tunnel Technology Institute will be set up at Margao, Gao Tunnel Technology Institute will be set up at Margao, Gao by Konkan Railway as announced by Railway Minister Suresh Prabhu on 19th October 2015 The institute titled as ‘George Fernandes Institute of Tunnel Technology Urvashi Rautela became Miss Diva 2015 Urvashi Rautela became Miss Diva 2015 as announced on 18th October 2015 event held in Mumbai while Natasha Assadi became 1st runner up and Naveli Deshmukh was 2nd runner up MCOCA passed in Maharashtra Maharashtra Control of Organized Crime Act (MCOCA) passed in Maharashtra against the hoarders and black marketers as approved on 20th October 2015 Earlier, the law was enacted in 1999 PM Modi laid the foundation stone of Shri Ventakeswara Mobile and Electronics Manufacturing Hub in Tirupati, Andhra Pradesh PM Modi laid the foundation stone of Shri Ventakeswara Mobile and Electronics Manufacturing Hub in Tirupati, Andhra Pradesh on 22nd October 2015 It will become 1st dedicated mobile manufacturing electronics hub of India under Make in India initiative On this occasion, Fast Track Task Force (FTTF) also launched to promote mobile handset manufacturing eco-system in India PM Modi laid the foundation stone of new capital city of Andhra Pradesh ‘Amravati’ which is located on the bank of river Krishna Krishna is 4th largest river in India after Ganges, Godavari and Narmada It is 1400 km long Indian Police Foundation and Indian Police Institute inaugurated in NewDelhi Indian Police Foundation and Indian Police Institute inaugurated in New Delhi under Societies Registration Act 1860 as inaugurated by Home Minister Rajnath Singh 1st Car Free Day observed in Delhi 1st Car Free Day observed in Delhi on 22nd October 2015 with the aim to encourage the people to use public transport between AM till 12 Noon connecting Red Fort to India Gate via Delhi Gate and ITO On 22nd day of every month observed as ‘Car Free Day’ as decided by Government of Delhi Advanced Landing Ground (ALG) of Indian Air Force established at Walong, Anjaw, Arunachal Pradesh An Advanced Landing Ground (ALG) of Indian Air Force established at Walong, Anjaw, Arunachal Pradesh as inaugurated on 23rd October 2015 It is important to noting that this was in operations in 1962 Indo-China War which is situated at 20km south of China border Induction of women as IAF fighter pilots approved Induction of women as IAF fighter pilots approved by Union Defence Ministry on 24th October 2015 It is important to noting that earlier on 08th October 2015, IAF celebrated its 83rd formation day New Schemes By Ramandeep Singh Page www.BankExamsToday.com Current Affairs 2015 National Institutional Ranking Framework (NIRF) launched National Institutional Ranking Framework (NIRF) launched by the Government of India on 29th September 2015 It will enable the educational institutions to set the objective parameters NOC Online Application Portal and Processing System launched NOC Online Application Portal and Processing System (NOAPS) for the National Monument Authority launched by the Minister of Culture Mahesh Sharma on 29th September 2015 www.BankExamsToday.com Accessible India Campaign (Sugamya Bharat Abhiyan) launched by Minister of Social Justice and Empowerment Thawar Chand Gehlot Accessible India Campaign (Sugamya Bharat Abhiyan) launched by Minister of Social Justice and Empowerment Thawar Chand Gehlot on 24th September 2015 ‘Citizen Portal’ launched by the State Government of Odisha ‘Citizen Portal’ launched by the State Government of Odisha on 02 nd October 2015 namely ‘www.citizenportal-op.gov.in’ The portal will provide services under issuance of FIR copies, character certificates etc 2nd phase of Mission Indradhanush launched by Union Ministry of Health and Family Welfare 2nd phase of Mission Indradhanush launched by Union Ministry of Health and Family Welfare on 04th October 2015 in 352 cities The mission covered deseases i.e Diptheria, Whooping cough, Tetanus, Polio, Tuberculosis, Measles and Hepatitis B ‘Amo Doli Programme’ in Odisha The healthcare programme ‘Amo Doli Programme’ launched by the State Government of Odisha on 04th October 2015 in naxal-affected area Rayagada District 50% subsidy on seeds provided by Telangana 50% subsidy on seeds provided the State Government of Telangana as announced on 04th October 2015 KISAN Project and Hailstorm App launched by the Government of India KISAN Project and Hailstorm App launched by the Government of India on 05th October 2015 called as Crop Insurance by using Space Technology and Geoinformatics Operation Valsalya launched by Kerala Operation Valsalya launched by the State Government of Kerala to find out the missing children as announced on 09th October 2015 It is important to noting that about 69 children have been kidnapped or abducted in the State till June 2015 while 116 in 2014 Mission Abaas launched by Odisha Mission Abaas launched by the State Government of Odisha on 11th October 2015 with the aim to provide affordable houses to urban poor ‘Bill Banvao, Inaam Pao’ scheme launched by Government of Delhi ‘Bill Banvao, Inaam Pao’ scheme launched by Government of Delhi on 13 th October 2015 to aware the people for purchase The maximum prize is Rs.50,000/- ‘mSehat’ launched by Uttar Pradesh The mobile app ‘mSehat’ launched for health workers by the State Government of Uttar Pradesh on 13th October 2015 Rameswaram will be developed under AMRUT Project By Ramandeep Singh Page 10 www.BankExamsToday.com Current Affairs 2015 Define Financial Inclusion Financial inclusion means providing to the large inbanked population of India access to financial products and services like deposit accounts and credit facilities, financial advisory services Steps taken so far promotion for financial inclusion have been the co-operative movement, nationalization of bank, lead bank scheme, regional rural banks, and self help groups and last but not the least no frill accounts www.BankExamsToday.com What is Balanced Growth of an economy? Growth of an economy in which all aspects of it especially factors of production, grow at the same rate What is Gross Domestic Product (GDP)? Gross Domestic Product (GDP) is the total value of all final goods and services currently produced within the domestic territory of a country in a year Difference between economic Growth and Economical Development Economic growth is the process whereby the real per capita income continues to grow in the long run whereas the economic development is the process whereby the real per capita income increases in the long run along with reduction in poverty, unemployment and inequality Discuss Sustainable Development Sustainable development is a development that does not deplete resources irreversibly It is a process of development that meets the needs of the present without comprising the ability of future generations to meet their own needs Noble Prize Winners 2015 Noble Prize Winners 2015 National Dialogue Quartet of Tunisia Peace Prize Svetlana Alexievich of Ukraine Literature Arthur B McDonald of Canada and Takaaki Kajita Physics of Japan Paul L Modrich (USA), Tomas Lindahl (Sweden) Chemistry and Aziz Sancar (Turkey) Satoshi Omura (Japan), Tu Youyou (China) and Physiology or Medicine William C Campbell (Ireland) Angus Deaton of Scotland Economic Sciences Noble Prize - Everything you need to know Nobel Prize By Ramandeep Singh Page 32 www.BankExamsToday.com Current Affairs 2015 Year of institution 1901 Founder Alfred Bernard Nobel Date on which awarded December 10 Number of disciplines awarded (6) Physics Chemistry Literature Peace Economics Physiology or Medicine www.BankExamsToday.com  It is the most coveted international award of the World  It is supported by The Nobel Foundation which was set up in 1900 under the will of Alfred Bernard Nobel (1833-96)  It was instituted by the inventor of dynamite, Alfred Bernard Nobel (1833-96)  These awards are presented annually on December 10, death anniversary of the founder and is presented by Swedish King  Apart from Economics, all other five categories have been given award since 1901 Economics Nobel Prize was instituted in 1967 and was first given in  1969 It is called the Nobel Memorial Prize in Economics Twice recipients of Nobel Prize Same subjects Different subjects Fredric Sanger Chemistry (1958) Linus Pauling Chemistry (1954) Fredric Sanger Chemistry (1980) Linus Pauling Peace (1963) John Bardeen Physics (1956) Marie Curie Physics (1903) John Bardeen Physics (1972) Marie Curie Chemistry (1911) Indian Nobel Prize Winners Name Subject Year Rabinder Nath Tagore Literature 1913 Dr C.V Raman Physics 1930 Dr Hargobind Khurana Medicine 1968 Mother Teresa Peace 1979 Dr S Chandrashekhar Physics 1983 Dr Amartya Sen Economics 1999 V.S Naipaul Literature 2001 Kailash Satyarthi Peace 2014 Goods and Services Tax (GST) - India's Biggest Tax Reform Indirect Tax = Tax the burden of which is indirectly put on us! By Ramandeep Singh Page 33 www.BankExamsToday.com Current Affairs 2015 We buy garments – there’ll be VAT We eat at KFC – there’ll be the sneaky VAT and Service Tax! We are not paying these taxes as an Assessee - the respective tax departments don’t know it is us who are paying the taxes for what specific goods/ service we took – it is collected from the mass, every one who buys or uses a service, at the same rate, irrespective of a person’s income level www.BankExamsToday.com You buy a pack of biscuits or a person under BPL – both pay indirect tax – and most of the times you don’t even know or pay attention as to how much you are paying in indirect taxes! It could be very easily more than what you pay for your income tax! What is the scenario today? Currently India (I mean us the consumers) is reeling under a lot of different indirect taxes – excise duty, VAT, Service Tax, sales tax etc Some are levied by the Central Government, while others by the State Government – as India has a ‘federal’ system of Governments – i.e two governments, one in the centre and the ones in the states Excise and Service tax are central government levied indirect taxes VAT and Sales tax are State Government levied indirect taxes Excise Duty is a tax on the manufacturing of excisable goods Thus if a manufacturer, manufactures those goods which the central government has deemed to be ‘excisable’ good(s) – then the manufacturer will have to pay excise duty on those goods Service Tax is a tax on ‘services rendered’ which are not in the ‘negative list’ Thus – all services rendered are under the blanker of service tax – except for those which are mentioned in the negative list! VAT – or Value Added Tax is a stage wise levy of tax on value addition – thus at every stage of ‘value addition’ VAT is levied and passed on to the next person in the chain of changing hands Sales Tax is a tax on sale of goods – interstate and intrastate The rules and regulations and compliance procedures of all are different – and complex and tedious – and we’re only talking about the popular four indirect taxes! To bring all these varied and sometimes overlapping taxes under one umbrella and to plug the loopholes that invariably comes with such multiple and confusing and dual taxation system – the concept of GST was formulated Goods and Service Tax or GST GST is a combined or ‘one’ tax on both goods and services – incorporating the concept of ‘value addition’ – extending from manufacturing to consumption GST is the new ‘it’ word in today’s economic scene – with economists and Finance Ministers to tax payers and Chartered Accountants all eyeing the 2016 roll out with either eager, optimistic, skeptical or doubtful outlooks! But until GST is a 100% reality – we the students need to know the 101s of what on earth GST is? What is this GST? Is it a three headed tax monster out to chew and drool on out life styles and expendable incomes? By Ramandeep Singh Page 34 www.BankExamsToday.com Current Affairs 2015 The Salient Features of GST:  GST will combine the best of all indirect taxes to bring a compact, singular and easy system for levy, collection and assessment of indirect taxes in India  Empowered Committee of State Finance Ministers and their ‘thinkers’ are the ones nailing www.BankExamsToday.com down the details for proper introduction and application and back-end operational requirements, infrastructural requirements, databases, consumer education, and most importantly the procedural compliances during transition stage etc  Most important feature - Tax Input Credit under GST – will be available for set-off at every stage Input Credit means, if you’ve paid tax on purchase of any good(s) or procurement of any service(s) and – when selling your goods or services you’re required to further pay tax – you can set off your tax payment liability with the tax already paid by you when you procured your inputs Example: You are ‘special muffin manufacturer’ You buy a whole lot of special ingredients to manufacture your muffin – say you bought multi flavoured syrups for the flavours – you had to pay tax (indirect you see!) to procure the syrups Now you used these syrups and made your muffins (this is value addition – without the process of baking, adding of ingredients there would be no muffin) – you sell them – but you got to pay tax on the ‘manufactured’ muffins! So you paid tax when you bought the ingredients (input tax) and when you manufactured/ sold them you paid tax again (output tax) – here, you will get the credit of the input tax paid to decrease your liability of output tax This is the Input tax credit system simplified for understanding  GST will be levied at every stage of value addition  Value addition would mean – applying effort on the goods or services to make worth more By undergoing a certain process, or set of activities – ‘value’ is being added to the goods or services  Under GST – the rate of tax – ‘Revenue Neutral Rate’ or RNR – is set to not exceed 27% combining both central and state tax rates  It will bring more people under the indirect taxes net thereby increasing revenue and also dealing with tax evasion and black money issues  Meanwhile a higher rate of Service Tax @ 14%, adding Education Cess to Excise Duty and taking off items from the exempted list are nothing but measured steps towards applying GST – which is slated for a 1st April 2016 release – after having missed numerous past deadlines!  More specifics on GST will become available as the Government will approach the 2016 deadline so keeping abreast with the development is important Pros of GST  Easier to understand for the taxpayers and will simplify compliance  Uniformity of rules and regulations of levy, assessment, collection and rates will mean easier administration and proper collection and voluntary compliance  Bringing India at par with international taxation standards  Increase in revenue for the Governments Cons  States will have revenue sharing issue By Ramandeep Singh Page 35 www.BankExamsToday.com Current Affairs 2015  If the dual rate and control system which is existing under the current taxation schemes in India not properly combined – then the purpose of GST is defeated It’ll be the same ol’ Service Tax/ Excise Duty and VAT bur under a different name! That is all folks on GST worth knowing – for bank and insurance exam purposes! www.BankExamsToday.com For the successful candidates of IBPS SO (written), SBI Clerical (final), and SSC CGL 14 (Tier 1) – a big congratulations – and for the hopefuls of IBPS PO and Clerical ’14 (finals) – keep the prayers on full mode! Update May 2015 Constitution (122nd Amendment) Bill, better known as the GST (goods and services tax) Bill passed on Lok Sabha, now it will be presented in Rajya Sabha As it is a constitutional amendment, at least 50% attendance is required and 2/3 of the votes are required in favour of amendment Update 10 October 2015 "Missing the April 1, 2016, deadline does not mean going to 1st April 2017 GST can be implemented anytime during the year" - CBEC GST can be implemented anytime during 2016 In 2015 Parliamentary sessions, Congress didn't let the Government to pass the bill RBI slashes Key Policy Rates Reserve Bank of India (RBI) cut its policy interest rate Let’s Know more about it  On Tuesday, The Reserve Bank of India cut its policy interest rate to a - 1/2 year low of 6.75%  It is deemed as bigger than expected move  By cutting 50 basis point to a four year low of 6.75%, the effect is that commercial banks to reduce their loan rates faster  This is the fourth cut rate since January 2015 RBI Policy Rates Current Previous Repo Rate 6.75% (w.e.f 29/09/2015) 7.25% (since 02/06/2015) Reverse Repo Rate 5.75% (w.e.f 29/09/2015) 6.25% (since 02/06/2015) Marginal Standing Facility 7.75% (w.e.f 29/09/2015) 8.25% (since 2/6/2015) Bank Rate 7.75% (w.e.f 29/09/2015) 8.25% (since 2/6/2015) CRR 4% (w.e.f 09/02/2013) 4.25% (since 30/10/2012) SLR 21.5% (w.e.f 03/02/2015) 22% (since 09/08/2014) Key Features: New RBI Monetary Policy is seems to be better because following are some areas in which reforms has been seeking: By Ramandeep Singh Page 36 www.BankExamsToday.com Current Affairs 2015  After changes in RBI's monetary policy Global Growth has moderated especially in emerging market economies (EMEs),  Further global trade has deteriorated  Increment in downside risks to growth  Slowing global trade volumes, depressed commodity prices, weakening currencies and capital www.BankExamsToday.com outflows in EMEs  It is expected that Exports will be grown up  Reduce Inflation  GDP decrease from 7.6% to 7.4% due to slower global growth, lack of investment in the private sector and constraints in bank lending etc Key Economic Indicators in Indian Economy In India, we say that, our banking system is one of the robust and rugged systems Do we have to believe that or not that’s later part of discourse? But before that, we need to comprehend some economic vitals to gain an insight into what actually is going around us For that matter, we don’t need to be an expertise in number crunching rather general knowledge would a way better So, what are these key economic indicators? Economic indicators are statistical tools to understand the economic activity of an entity.What entity? Entity could be any organisation, a firm, an industry of some kind or on a larger context a country These indicators are handy when one needs to seize the economic health of an entity These furnish a basis to analysis of economic performance and of future performance of an organisation So, if a firm is in red or doing slack business then these indicators would show the same i.e unsatisfactory figures Economic indicators include various indices, earnings reports, and economic summaries So, what these economic indicators constitute? These are unemployment rate, attrition or quits rate (quit rate in U.S English), consumer price index and wholesale price index (a measure for inflation), consumer leverage ratio, industrial production, bankruptcies, gross domestic product(Nominal and PPP), broadband internet penetration, stock market prices, money supply changes, Foreign exchange reserve (One of the most paramount indicators for India) Unemployment Rate:The unemployment rate is a measure of the prevalence of unemployment and it is calculated as a percentage by dividing the number of unemployed individuals by all individuals currently in the labor force During periods of recession, an economy usually experiences a relatively high unemployment rate In country like USA, Federal employees' job security is so great that workers in many agencies are more likely to die of natural causes than get laid off or fired According to a vetted report, the federal government fired 0.55% of its workers in the budget year 11,668 employees in its 2.1 million workforces Research shows that the private sector fires about 3% of workers annually for poor performance At present, USA has 5.3 percent unemployment rate India has presently 3.6 pc unemployment rate reckoned annually Unemployment Rate in India decreased to 4.90 percent in 2013 from 5.20 percent in 2012 and then to 3.6 percent in By Ramandeep Singh Page 37 www.BankExamsToday.com Current Affairs 2015 2014 Unemployment Rate in India averaged 7.32 percent from 1983 until 2013, reaching an all time high of 9.40 percent in 2009 and a record low of 4.90 percent in 2013.Unemployment Rate in India is reported by the Ministry of Labour and Employment, India Everyone knows what is GDP and GNP but still let’s get a small walk through those two vital indicators www.BankExamsToday.com GDP Gross Domestic Product is calculated either by measuring all income earned within a country, or by measuring all expenditures within the country, which should approximately be the same GNP Gross National Product uses GDP, but adds income from foreign sources, less income paid to foreign citizens and entities GNP can be either higher or lower than GDP, depending on whether or not a country has a positive or negative result from net foreign inflows and outgo Though GNP is still calculated, the United States shifted to GDP as its primary economic measure in 1991, in part because most countries in the world use GDP to measure the size and direction of their economies As a result, GNP numbers are less common than GDP figures Those definitions aforementioned can be learned upon getting by heart and can be blurted out when an interview would ask But, if we are economically sound then we should intent on comprehending the subtle part of GDP and GNP Now, what is that? GDP and GNP are calculated based on very specific time periods But not all the information is available at the same time This forces the Bureau of Labor Statistics (the agency that reports official GDP in the US) to rely on estimates, resulting in revisions after the fact Unreported income is another flaw, and one that is not easily remedied Individuals may under-report income to minimize income tax liability, which will understate the GDP This can be a problem between countries as well, since under-reporting of income is more prevalent in some countries than in others Still another problem — given that GDP and GNP is often used to measure economic strength from one country to another — is that reporting tends to be less reliable in some countries than in others This is especially likely in less developed countries, leading to under-estimates of true national economic output The lack of comparable reporting from one country to another has given rise to two methods of computing either GDP or GNP, nominal andpurchasing power parity, or PPP Nominal is measuring the size of a nation’s economy on the basis of its economy in local currency, converted to dollars (typically) The conversion is based on currency exchange rates in the currency market PPP ignores currency exchange rates, and measures the economy of countries based on the cost of a common basket of goods and services For example, housing costs more in the US than it does in India, so housing in India will get a boost in compiling GDP or GNP on the basis of PPP As a rule, PPP will result in a relatively higher GDP or GNP in a country where costs are lower PPP adjusts for the fact that a house in the US may cost $200,000, while a similar home in India may be only $50,000 It attempts to even out price variations between countries As an example, under nominal, in 2015, India’s GDP 2,067,501 millions of USD or $ 2.04 trillion and using PPP, India’s GDP is $ 7,375,900,000,000 — or about 3.6 times higher Herein below are some figures pertaining to economy of India Markets By Ramandeep Singh ast Reference Frequency Page 38 www.BankExamsToday.com Current Affairs 2015 Currency 65.43 Oct/2015 Daily Stock Market (Sensex) 26933 Oct/2015 Daily GDP 26933 Oct/2015 Yearly GDP 2067 USD Billion Oct/2015 Yearly GDP Growth rate 7% Dec/2014 Quarterly GNP 56739 INR Billion Dec/2014 Yearly GDP Per Capita 1263 USD Dec/2014 Yearly GDP Per Capita PPP 5565 USD Dec/2014 Yearly www.BankExamsToday.com Foreign Exchange Reserves:Foreign Exchange Reserves in India decreased to 349980 USD Million in September 25 from 352020 USD Million in the previous week Foreign Exchange Reserves in India averaged 188027.95 USD Million from 1998 until 2015, reaching an all time high of 383643 USD Million in December of 2009 and a record low of 29048 USD Million in September of 1998 Foreign Exchange Reserves in India is reported by the Reserve Bank of India Before summing all these up, let’s get back to the question which was mooted earlier in the beginning of this very article Is our banking system robust and rugged? Well, answer is perplexing We can’t say “YES” emphatically or also “NO” either Reasons are quiet apparent, MUDRA, a heap-praised scheme, has just started operating But this scheme is going to create an insurmountable problem in long run How? Providing loans to weaker sections of society without any collateral is a giant blunder Economically backward people without proper skill set would never use that money to wonders in their life and at the same time would flunk to repay the loan to bank That’s a desperate attempt to woo people for vote bank but in long run we can’t bank on these schemes as this is going create a big hole in bank’s pocket NPA and all, I think I should leave it to the wisdom of readers Wildlife Sanctuaries in India list S.No WILD LIFE SANCTUARIES IN INDIA LOCATION Area Dachigam Wildlife Sanctuary Jammu and Kashmir 141km2 Jim Corbett National Park Uttrakhand 1318.54 km2(including core area 520 km2and buffer area 797.72 km2) Sunderbans Wildlife Sanctuary West Bengal 10,000 km2(60% in Bangladesh and Remainder in India) Manas Wildlife Sanctuary Assam 950 km2 By Ramandeep Singh Page 39 www.BankExamsToday.com Current Affairs 2015 Assam 430 km2 Rajasthan 392 km2 Kaziranga National Park Ranthambore National Park Keoladeo Bird Sanctuary / Bharatpur National Rajasthan Park Sasan Gir National Park Gujarat 1,412 km2 Kanha National Park Madhya Pardesh 940 km2 10 Periyar Wild Life Sanctuary Kerala 305 km2 11 Vedanthangal Bird Sanctuary Tamil Nadu 0.3 km2 12 Sariska National Park Rajasthan 866 km2 13 Mundanthurai Wildlife Sanctuary Tamil Nadu 895 km2 14 Annamalai Wildlife Sanctuary Tamil Nadu 958 km2 15 Campbell Bay National Park Great Nicobar Island 426 km2 16 Dudhwa National Park Uttar Pradesh 490.3 km2 17 Nanda Devi Biosphere Reserve Uttrakhand 630.33 km2 18 Hemis National Park Jammu & Kashmir 4,400 km2 19 Bandhavgarh National Park Madhya Pradesh 446 km2 20 Pench National Park Madhya Pradesh 257 km2 21 Kanchendzonga National Park Sikkim 1,784 km2 22 Bandipur National Park Karnataka 874 km2 23 Wandur National Park/ Mahatama Gandhi Marine Andaman Island National Park 281.5 km2 24 Dandeli Wildlife Sanctuary Karnataka 866.41 km2 25 Valley Of Flowers National Park Uttarakhand 87.50 km2 26 Panna National Park Madhya Pardesh 542.67 km2 27 Balpakram National Park Meghalaya 200 km2 28 Similipal National Park Odisha 2,750 km2 29 Kudremukh National Park Karnataka 600.32 km2 30 Eravikulam National Park Kerala 97 km2 31 Bannerghatta National Park Karnataka 104 km2 32 Chinnar Wildlife Sanctuary Kerala 90.44 km2 33 Dibru Saikhowa Wildlife Sanctuary Assam 350 km2 34 National Chambal Sanctuary Rajasthan 5,400 km2 35 Orang National Park Assam 78.81 km2 36 Nameri National Park Assam 200 km2 29 km2 www.BankExamsToday.com By Ramandeep Singh Page 40 www.BankExamsToday.com Current Affairs 2015 West Bengal 80 km2 Nokrek National Park Meghalaya 47.48 km2 39 Namdapha National Park Arunachal Pradesh 1,985 km2 40 Gulf Of Kutch National Park Gujarat 162.9 km2 41 Silent Valley National Park Kerala 236.74 km2 42 Gulf Of Mannar Marine National Park Tamil Nadu 560 km2 43 Betla National Park Jharkhand 979 km2 approx 44 Desert National Park Rajasthan 3,162 km2 45 Harike Wetland Panjab 41 km2 46 South Button Island National Park Andaman Islands km2 47 Eturnagaram Wildlife Sanctuary Telangana 812 km2 48 Bhimbandh Wildlife Sanctuary Bihar 681.99 km2 49 Palamau Tiger Reserve Jharkhand 1,026 km2 50 Mudumalai National Park Tamil Nadu 321 km2 51 Galathea National Park Andaman Nicobar Islands and 110 km2 52 Middle Button Island National Park Andaman Nicobar Islands and 64 km2 53 Interview Island Wildlife Sanctuary Andaman Nicobar Islands and 133 km2 approx 54 Landfall Island Wildlife Sanctuary Andaman Nicobar Islands and 29.28 km2 55 Nagarjunsagar-Srisailam Tiger Reserve Andhra Pradesh 3,568 km2 56 Koundinya Wildlife Sanctuary Andhra Pradesh 357.6 km2 57 Pulicat Lake Bird Sanctuary At the border of 481 km2 Andhra Pradesh and Tamil Nadu 58 Pocharam Forest & Wildlife Sanctuary Telangana 130 km2 59 Pakhui Tiger Reserve Arunachal Pradesh 862 km2 60 Eaglenest Wildlife Sanctuary Arunachal Pradesh 218 km2 61 Hoollongapar Gibbon Sanctuary Assam 20.99 km2 62 Pong Dam Sanctuary Himachal Pradesh 475 km2 63 Sharavathi Valley Wildlife Sanctuary Karnataka 431 km2 64 Nauradehi Wildlife Sanctuary Madhya Pradesh 1,197 km2 65 Gangotri National Park Uttarakhand 2,390 km2 37 Gorumara National Park 38 www.BankExamsToday.com By Ramandeep Singh Page 41 www.BankExamsToday.com Current Affairs 2015 66 Palani Hills Wildlife Sanctuary and National Park Tamil Nadu 737 km2 67 Rajaji National Park Uttarakhand 820 km2 68 Nagarahole National Park Karnataka 642.39 km2 69 Tadoba Andhari Tiger Reserve Maharashtra 625.4 km2 70 Papikonda National Park Andhra Pradesh 1,012.86 km2 71 Valmiki National Park Bihar Forest area is about 900 km2out of which the Valmiki Sanctuary is 880km2 and spread of the National Park is about 335km2 72 Pakhal Wildlife Sanctuary Telangana 860 km2 73 Kinnerasani Wildlife Sanctuary Telangana 635.40 km2 74 Kaimur Wildlife Sanctuary Bihar 1,342 km2 75 Changtang Wildlife Sanctuary Jammu & Kashmir 4,000 km2 76 Sathyamangalam Wildlife Sanctuary Tamil Nadu 1,411.6 km2 77 Askot Musk Deer Sanctuary Uttarakhand 599.93 km2 78 Dibang Wildlife Sanctuary Arunachal Pradesh 4,149 km2 79 SonaiRupai Wildlife Sanctuary Assam 175 km2 80 Achanakmar Wildlife Sanctuary Chhattisgarh 551.55 km2 81 Shoolpaneshwar Wildlife Sanctuary Gujarat 607.70 km2 82 Indian Wild Ass Sanctuary Gujarat 4,954 km2 83 Narayan Sarovar Sanctuary Gujarat 444.23 km2 84 BiligirirangaSwamy Temple Wildlife Sanctuary Karnataka 540 km2 85 Cauvery Wildlife Sanctuary Karnataka 526.96 km2 86 Ratapani Tiger Reserve Madhya Pradesh 688 km2 87 TamorPingla Wildlife Sanctuary Chhattisgarh 608.55 km2 88 Bhadra Wildlife Sanctuary Karnataka 492.46 km2 89 Parambikulam Wildlife Sanctuary Kerala 285 km2 90 Koyna Wildlife Sanctuary Maharashtra 423.55 km2 91 Gautala Autramghat Sanctuary Maharashtra 260 km2 92 Nalbana Bird Sanctuary Odisha 15.53 km2 93 Sita Mata Wildlife Sanctuary Rajasthan 422.95 km2 94 Shenbagathoppu www.BankExamsToday.com By Ramandeep Singh Grizzled Squirrel Wildlife Tamil Nadu 480 km2 Page 42 www.BankExamsToday.com Sanctuary Current Affairs 2015 95 Vikramshila Gangetic Dolphin Sanctuary Bihar 50 km stretch of Ganges River 96 Pachmarhi Biosphere Reserve Madhya Pradesh 4926.28km2 www.BankExamsToday.com Digital India Program - All you need to know Last week PM Narendra Modi visited Silicon Valley Silicon Valley is the hub of IT industry of the world Let's know about Digital India program :The Narendra Modi Cabinet gave approval for Digital India Program on 20 Aug 2014 an ambitious programme to “transform India into digital empowered society and knowledge economy” Conceptualized by the Department of Electronics and Information Technology (Deity), Digital India Program will be put into operation from the current year till 2018 Common Support Infrastructure: Setting up of common and support IT infrastructure such as: State Wide Area Networks (SWANs), State Data Centres (SDCs), Common Services Centres (CSCs) and Electronic Service Delivery Gateways To Reach 800 Million Rural Citizens till 2019 Government Have to Build Massive Digital Infrastructure A $17-billion government program to build a national optical fiber network that will connect India’s village-level governments or gram panchayats, seek to cover the entire country in three years and could be a game changer, The entire country will be covered by broadband within three years and the internet will reach the remotest villages Prime Minister Narendra Modi wishes to make sure so as to A Smartphone in the hands of every citizen by 2019 Currently, nearly 74% of the population has mobile phones, most of which though is in the hands of urban India All the services can be provided through a mobile handset, in particularly, health, education, all government services and retail The government will create an enabling platform that will aid in delivering government services to citizens as well as services in the field of education, healthcare, entertainment and e-commerce General Public services like land records and caste certificates will be made available online on demand online when this program will complete In combination among state governments, 20-hour e-literacy training programs in local languages will be conducted in 200,000 community service centres across the country Foreign Connections:By Ramandeep Singh Page 43 www.BankExamsToday.com Current Affairs 2015 The government also plans to hire at least 10 (CIOs) Chief information officer to oversee the Digital India program in key ministries, and create four other senior positions for dealing with adoption of standards and security aspects CISCO An American network equipment maker wanted to access benefits of cluster manufacturing Face book also expressed his interest to government of india in delivering governance programmes such as e-education www.BankExamsToday.com Currency war : Currency Devaluation and its Impact The term Devaluation was in news recently as China devalued its currency What is devaluation and what its impact on the China and World economy ? Devaluation means when the one’s country reduce the value of its currency with respect to those good , services and monetary units with which currency can be exchanged This is done to increase export as export become cheaper when one country devalued its currency and import to that country become costlier For E.g.1$ cost 65 rupees for country XYZ but after devaluation 1$ might be cost Rs70, so after devaluation country XYZ export to different countries become cheaper because have to pay less dollar for XYZ goods become cheaper and import become costlier as to import have to shed more money for import so it can also increase import bills one one’s country Why China Devalued the yuan Recently China has devalued the value of its currency Yuan upto 4% against dollar which produced ripple effects in financial markets As China export to other countries is declining and its economy is getting slower ,So in a surprise move People Bank of China (PBoF) devalued the value of yuan against dollar as in China government uses the U.S dollar as a benchmark against which they mange their currency value.A weaker currency will help China exporter to sell their goods abroad and put American and other countries companies at disadvantage which export goods to China as their goods becomes costlier in China , so this move by PBoC will put pressure on Central Banks of different countries to help their own exporters So it will reignite the currency war IMPACT ON INDIA Put Pressure on Indian Exporter As India and China compete for several export items like textiles ,gems so cheaper Chinese export will add to disadvantage of Indian exporters Dumping of Chinese goods in Indian market Due to yuan depreciation there is fear that it will help china dump cheap goods in Indian market which will impact domestic manufacturers Mitra Shakti Military Exercise - 2015 In continuation of military level contacts between armies of two nations, India and Sri Lanka conducting join military exercise in Aundh Camp in Pune from 29-Sept-2015 to 11-oct-2015 named as Mitra Shakti-2015.This exercise will be held for 14 days This is third such exercise between the armies of two nations By Ramandeep Singh Page 44 www.BankExamsToday.com Current Affairs 2015 The main objective of this exercise is to :-  Develop trust , confidence and share expertise, knowledge between the two armies  Develop mutual rest and mutual understanding between the armies of two nations  Develop military to military level contacts and share their expertise www.BankExamsToday.com India is doing such type of military exercise with many countries but this exercise is very important from the point of two nations as the two militaries, which are often called upon to engage in anti terrorism operations including those under the UN mandate Last year Mitra shakti 2014 military exercise was held at Colombo These types of military exercise is very important to maintain peace, security and prosperity and to built defense ties Joint Military Exercises of India 2015 List of Joint Military Exercises :Country Country Forces Exercise Name India United states Naval Malabar India United states Army Yudh abhyas India United states Airforce Redflag India United states Army Cope India France Airforce Varuna India United kingdom Army Ajeya warrior India UK Airforce Garuda India UK Airforce Indradhanush India Mongolia Nomadic elephant India China Hand in hand India Sri lanka Military Mitra shakti (latest ready to begin) India Srilanka Navy Slinex India Singapore Navy Simbex India Thailand Maitree India Russia Indra India Australia India Kazakhistan Khanjar2015 (latest) India Uk Konkan2015 (latest) By Ramandeep Singh Maritime 2015 Ausindex 2015 (latest) Page 45 www.BankExamsToday.com Current Affairs 2015 India Nepal India Maldieves Ex ekuverin 2015 (latest) China Pakistan Shaheen (eagle) drill US South korea Able response (bio chemical) US Surya kiran (latest) www.BankExamsToday.com Malaysia By Ramandeep Singh Naval Carat malaysia 2015 Page 46